On January 13, 2017, an audit of the firm's payroll records for 2016 showed that the firm
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Question:
On January 13, 2017, an audit of the firm's payroll records for 2016 showed that the firm had actually paid wages of $48,000 to its office employees and $165,000 to its factory employees.
Compute the actual premium for the year and the balance due to the insurance company or the credit due to the firm. (Enter all answers as positive values).
| Actual premium | $ |
| Balance due | $ |
In the general journal, record the entry to adjust the Workers' Compensation Insurance Expense as of the end of 2016. Date the entry December 31, 2016.
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| December 31, 2016 | $ | ||
| $ |
Expert Answer:
a Calculation of actual premium Workers compensation insurance premium 040 per 100 of office emp... View the full answer
Related Book For 
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
